An investor reportedly lost $470,000 to a dog-inspired DeFi project. In an interview with CNBC, the investor admitted,
“We, in crypto, tend to have a ‘buy first, do research later,’ mentality.”
The decentralized autonomous organization(DAO) wasn’t launched with a clear purpose. AnubisDAO was first announced on 28 October on its Twitter handle with a Discord server.
As meme-coins have been gaining traction in the market lately, Anubis’ crowdfunding pool on Copper Launch also received a great opening. Investors relentlessly invested their ETH into the project in exchange for ANKH soon after. Meanwhile, after AnubisDAO was suspected of rug pulling the funds, the price of the token went down to zero, without new investors.
Nguyen, the aforementioned investor stated that the sale on Copper Launch added legitimacy to the sale as it is a well-known crowdfunding platform. In this regard Copper response to why it allowed a scam to be listed, it stated,
“Copper is permissionless and we read data directly from the Ethereum network. That means anyone can launch. That being said, mistakes happen even w/ great projects and teams. Internet money isn’t always easy. We’re wishing the @AnubisDAO team and community all the best.”
Additionally, support by crypto influencer 0xSisyphus to the project further encouraged investment. However, many in the community are still calling it a phishing attack or hack on the DAO pool. In the initial hours, AnubisDAO’s social media handle was active and it had apologized for issues due to a “bug” on the Copper Launch platform.
The platform later clarified that it hasn’t been compromised but the AnubisDAO team had compromised their admin keys.
We have further confirmation that Copper has not been compromised, but the Anubis team seems to have compromised their admin keys. Please refer to the thread below for an overview of the situation:https://t.co/7JhqQv4M2J— Copper (@CopperLaunch) October 29, 2021
Crypto influencer DCF God explained that “the only way to get funds back is to find out who owns the wallet with all the ETH.” Investors also reported to have received emails, and claimed a phishing attempt.
Having said that, a recent report noted that in Q3 2021 alone, over $1.1 billion are lost in stolen cryptocurrencies. And, Ethereum has remained the primary target with losses to the tune of over $800 million.
Recently, Cryptoeats, which reportedly raised millions in seed funding, apparently disappeared after its token launch. The alleged scam cost investors $500,000, as per reports. Needless to say that investors need to exercise caution.
BadgerDAO: Hackers drain $10 million in latest DeFi breach
- BadgerDAO suffers $10 million hack
- Traders were sent illicit permission notifications
- BADGER loses 15% of its value
The decentralized finance industry of the crypto sector has now become one of the most sought-after industries. This is because it provides users with anonymity, and they can carry out their activities without the prying eyes of financial institutions. Furthermore, traders are open to making huge amounts of profits in the protocols in the sector by staking or farming. However, some illicit actors would rather exploit and steal from people instead of making their profits. In yet another hack case in the DeFi sector, hackers have exploited BadgerDAO, draining $10 million from the decentralized finance protocol.
Traders got illicit permission notifications
BadgerDAO is a protocol in the decentralized finance sector that allows traders access to various lending services and takes collateral in Bitcoin. According to the platform, upon calculating funds missing through the exploits, things are sitting around $10 million. In the reports that made the rounds today, users claimed that the hack was perpetrated through BadgerDAO’s interface and not its smart contracts like most hacks. Users claimed they were sent notifications about allowing new permissions while carrying out activities on the platform. With some users allowing the permissions, the hackers could cart away various amounts of digital assets going to a worth of $10 million.
BadgerDAO’s native token plummets
After the hack, the protocol developers said that users complained that they witnessed the unauthorized drawing of funds from their accounts. However, the protocol has moved into action swiftly, putting everything on the protocol on hold at the moment. The developers have also claimed that engineers are working tirelessly to fix the issue and ascertain the level of damage that the breach may have caused. However, BadgerDAO has refused to comment on the exact amount of missing funds on the platform and the level of damage that needs repair before operations can continue.
Some analysis websites have claimed that the amount exploited from the platform is $100 million. After the hack, the native token of the platform, BADGER, dipped in value, losing about 15% of its value, and is currently trading around $22. Hacks have now become predominant in the DeFi sector as the year draws to a close. Some days ago, MonoX, another DeFi protocol, got hacked with the illicit actors carting away more than $30 million in different digital assets.
Someone Just Lost $50 Million Worth of Bitcoin to DeFi Hacker
A single user of the Badger DAO protocol has lost a whopping $50 million worth of Bitcoin to a hacker
Badger DAO, a Bitcoin-focused decentralized finance project built on the Ethereum blockchain, has been drained of roughly $100 million as a result of a nasty front-end attack.
A single user has lost 896 BTC (roughly $50 million), according to blockchain security company PeckShield.
In a Twitter statement, the team has acknowledged reports of unauthorized withdrawals, adding that its engineers are investigating the issue.
The protocol’s smart contracts have been temporarily halted.
Badger has received reports of unauthorized withdrawals of user funds.
As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals.
Our investigation is ongoing and we will release further information as soon as possible.— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021
According to data provided by DeFi Pulse, Badger DAO is the 23rd biggest DeFi protocol on Ethereum. Last month, it topped $1 billion in total value locked.
Badger DAO allows users to earn passive income with Bitcoin by converting it to either Wrapped Bitcoin (WBTC) or renBTC and depositing it into Sett vaults that algorithmically allocate and autocompound users’ yields.
The hack happened just days before the yield vault protocol’s one-year anniversary.
BADGER, the native token of the Badger DAO project, is down 15.3% on the news, according to CoinGecko data.
GameX Ecosystem: Emerging DAO in World of Gaming and DeFi
GameX is an emerging protocol that was built by gamers in a bid to promote the integration of games in today’s fast-growing decentralized finance (DeFi) ecosystem. Despite the fact that the blockchain and specifically the DeFi ecosystem is still in its infancy, the past year has seen the emergence of innovative projects that are notably disrupting mainstream finance. GameX is no exception.
Built on the Binance Smart Chain (BSC) network, the GameX protocol seeks to become a one-stop-shop for many aspects of decentralized gaming. This includes developing games that users can play, incorporating Non-Fungible Token (NFT) capabilities, and also rewarding users for contributing to its ecosystem development.
Gamex NFT Marketplace
GameX protocol is in the last phases of developing its NFT marketplace where digital artworks and collectibles built through the BEP-721 standard will be supported. The GameX NFT marketplace is a dynamic one and permits creators to mint their digital piece, with additional permissions that can let them list it for sale immediately or at a later time in the future.
The protocol maintains a very good standard for the operations of its NFT marketplace and will provide a verification capability to enable users to deal with trusted creators only. While the verification badge will be obtainable easily by just filling out a form, the applicant or creator will be required to provide enough documentation in order to get verified.
According to GameX, “verified badges are granted to creators and collectors that show enough proof of authenticity and active dedication to the marketplace. We are looking at multiple factors such as active social media presence and following, dialogue with community members, number of minted and sold items.”
GameX NFT marketplace listed items will also be subject to royalty rewards which are charged when a listed item is resold.
The XGAMEX token that is designed as a reward system for GameX game players, as well as the buyers and sellers of listed NFTs.
Over the next months, the platform is set to release a play-to-earn racing game (META RACE) in which players will be able to compete against each other. Drawing from its broad capabilities, there is bound to be an NFT incorporation into the racing game, a move that is billed to further enhance the broad embrace of the gaming outfit.